Aegis Logistics Limited · NSE:AEGISLOG
Aegis Logistics — Q3 FY2024 Earnings Presentation
50 slides from Aegis Logistics's earnings presentation, February 2024
Slide 1: Investor Presentation Q3 & 9MFY 2024
Investor Presentation Q3 & 9MFY 2024 AEGIS LOGISTICS LTD. February 2024
Slide 2: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aegis Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 3: Contents
Contents Vision & Mission 4 Business Profile 33 Aegis at a Glance 5 Gas Division 34 Liquids Division 42 Q3 & 9MFY24 Highlights 6 Robust Profits Growth 7 Key Financial Data 45 Performance at Glance 8 Historical Consolidated Profit Statement 46 Update on Expansion 9 Historical Consolidated Balance She
Slide 4: Vision Mission
Vision Mission To support India’s transition towards To store and distribute bulk liquids and a more sustainable future. gases in a safe, sustainable manner. INVESTOR PRESENTATION: Q3 & 9MFY2024 4
Slide 5: Aegis at a Glance
Aegis at a Glance Liquid Division Gas Division Third Party Liquid Logistics (3PL) Third Party Gas Logistics (3PL) EPC Services Gas Distribution Gas Sourcing INVESTOR PRESENTATION: Q3 & 9MFY2024 5
Slide 6: Q3 & 9MFY24 Highlights
Q3 & 9MFY24 Highlights INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 7: 9MFY24: Robust Profit Growth
9MFY24: Robust Profit Growth Highest-ever EBITDA for Gas & Liquids Highest-ever PBT Highest-ever PAT DRIVEN BY Highest-ever LPG distribution volumes Highest-ever Logistics volumes Highest-ever Liquids revenue INVESTOR PRESENTATION: Q3 & 9MFY2024 7
Slide 8: 9MFY24: Performance at glance
9MFY24: Performance at glance LIQUIDS DIVISION Normalized EBITDA PAT Recorded Highest ever Revenues and EBITDA in 9MFY24 Rs. 675 Cr. Rs. 435 Cr. New capacity from acquisitions, volume +24% GROWTH +15% GROWTH and revenue growth, and capacity expansion GAS DIVISION Gas Division EBITDA Liquid Division
Slide 9: Update on Expansion
Update on Expansion LIQUIDS DIVISION 1. Kandla Port – 35,000 KL Capacity expected to commission in Q4FY24 2. JNPT Port - 110,000 KL Capacity expected to commission in phases and will fully commission by June 2024 3. Mangalore Port - 76,000 KL expected to be partially operational by the end of FY24 a
Slide 10: Liquids
Liquids Revenue EBIDTA* 124 Highest Highest 114 Ever 85 Ever +9% 77 +11% Rs. In Cr. Rs. In Cr. Q3FY23 Q3FY24 Q3FY23 Q3FY24 Highest 356 243 Ever Highest +21% 302 +18% Ever 201 9MFY23 9MFY24 9MFY23 9MFY24 INVESTOR PRESENTATION: Q3 & 9MFY2024 *Normalized EBITDA: before Forex, hedging-related expenses 1
Slide 11: LPG
LPG Logistics Distribution Sourcing 1,097 157 200 +11% 144 988 Highest Q3 179 Volume -08% -11% ‘000 MT ‘000 MT ‘000 MT Q3FY23 Q3FY24 Q3FY23 Q3FY24 Q3FY23 Q3FY24 INVESTOR PRESENTATION: Q3 & 9MFY2024 11
Slide 12: 9MFY24 - Consolidated Profit Statement
9MFY24 - Consolidated Profit Statement Rs. in Cr. 9MFY24 9MFY23 YoY% Revenue 5,209 6,473 -20% Cost of Sales 4,334 5,703 Others 200 183 Normalised EBITDA (Segment)* 675 587 15% Finance, Hedging & Forex-related Expenses (Net) -1 38 Depreciation 102 96 Unallocated Expenses 20 20 Profit Before Tax 554 4
Slide 13: Q3FY24 - Consolidated Profit Statement
Q3FY24 - Consolidated Profit Statement Rs. in Cr. Q3FY24 Q3FY23 YoY% Revenue 1,873 2,087 -10% Cost of Sales 1,572 1,781 Others 70 67 Normalised EBITDA (Segment)* 232 239 -3% Finance, Hedging & Forex-related Expenses (Net) -3 18 Depreciation 34 34 Unallocated Expenses 9 13 Profit Before Tax 192 173 1
Slide 14: FY23 Highlights
FY23 Highlights INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 15: FY23: Robust Profit Growth
FY23: Robust Profit Growth EARNINGS PER SHARE PROFIT BEFORE TAX LIQUIDS DIVISION Rs. 13.19 Rs. 645 Cr. New capacity from acquisitions, volume and revenue growth, and 29% GROWTH 37% GROWTH capacity expansion GAS DIVISION EBITDA PROFIT AFTER TAX Record distribution volumes and growing gas logistics vo
Slide 16: FY23: Robust Profit Growth
FY23: Robust Profit Growth Highest-ever EBITDA for Gas & Liquids Highest-ever PAT Highest-ever EPS DRIVEN BY Highest-ever LPG distribution volumes Highest-ever Logistics volumes Highest-ever Liquids revenue INVESTOR PRESENTATION: Q3 & 9MFY2024 16
Slide 17: FY23: Key Events
FY23: Key Events 1. Completed Aegis-Vopak Joint Venture 2. Executed important acquisition of 550,000 KL of Liquids capacity at Kandla port 3. Kandla LPG terminal fully operational 4. Entry into JNPT port with 110,000 KL Liquids Terminal as first step 5. Connection to LPG pipelines (KGPL and JLPL) se
Slide 18: Liquid Division
Business Performance Liquid Division INVESTOR PRESENTATION: Q3 & 9MFY2024 18
Slide 19: Liquids: Continued Growth
Liquids: Continued Growth Revenue EBIDTA* 450 300 418 272 400 250 350 195 300 200 270 173 Rs. in Cr. Rs. in Cr. 250 234 150 137 208 200 183 104 150 100 100 50 50 0 0 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q3
Slide 20: Gas Division
Business Performance Gas Division INVESTOR PRESENTATION: Q3 & 9MFY2024 20
Slide 21: Volumes Exceed 3m Tons
Volumes Exceed 3m Tons KANDLA HALDIA MUMBAI PIPAVAV Kandla registers strong growth Haldia volumes normalised Mumbai continues to operate at full The rail gantry at Pipavav continues to in volumes capacity with IOC, HPCL and BPCL all perform well, delivering considerable bringing in imports cost savi
Slide 22: LPG Distribution Drives Volume Growth
LPG Distribution Drives Volume Growth 600 494 500 209% 400 YoY ‘000 MT 300 200 165 160 114 115 100 0 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q3 & 9MFY2024 22
Slide 23: Record Gas Division EBITDA
Record Gas Division EBITDA* 600 532 500 423 390 400 362 Rs. in Cr. 309 300 200 100 *Normalised EBITDA Before Forex, Hedging Related Expenses 0 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q3 & 9MFY2024 23
Slide 24: Sustainable Business Pillars
Sustainable Business Pillars INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 25: Aegis Team
Aegis Team MANAGEMENT TEAM EXPERIENCED & ENGAGED BOARD Raj K. Chandaria Deepak Dalvi Raj K. Chandaria Chairman & Managing Director Jt. President & AVTL Director R.K. Singh Sudhir Malhotra Andy Watt Chief Executive Officer Chief Operating Officer, AVTL Tasneem Ali Murad Moledina Kenichiro Sakamoto An
Slide 26: Corporate Governance
Corporate Governance Separate Chairman and CEO 6 out 9 Directors are Independent 8 out of 9 Directors are Non-Executive Board members have relevant industry experience (oil & gas, chemicals, ports, branding) Subsidiary Boards have experienced board members from JV partners, Vopak, and Itochu INVESTO
Slide 27: Diverse Business Relationships
Diverse Business Relationships The brand names mentioned are the property of their respective owners and are used here for identification purpose only INVESTOR PRESENTATION: Q3 & 9MFY2024 27
Slide 28: Key Joint Venture Partners
Key Joint Venture Partners Global knowledge of gas sourcing Additional management bandwidth and shipping Technical expertise on new products Experienced board members on Subsidiary Boards Global customer relationships INVESTOR PRESENTATION: Q3 & 9MFY2024 28
Slide 29: Strategy
Strategy INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 30: Necklace of Terminals
Necklace of Terminals Build, own, and operate India’s leading network of tank terminals and distribution facilities, incorporating the highest safety and environmental standards. Liquid Terminals Gas Terminals Kandla ✔ ✔ K and la Pipavav ✔ ✔ Hald ia Pipavav Mumbai ✔ ✔ Mumbai Mangalore ✔ Under constr
Slide 31: Integrated LPG Supply Chain
Integrated LPG Supply Chain Our integrated logistics services include sourcing, storing, moving, and distributing products. LPG Strategic Storage Pipelines & Rail Autogas, Commercial & Sourcing Port Location Terminals Connectivity Industrial Distribution LPG Sourcing JV with Key gateway ports: Mumba
Slide 32: Project GATI: Gateway Access to India
Project GATI: Gateway Access to India Capital Investment programme of INR 4,500 Cr under “Joint Business Plan” with JV partner Royal Vopak, to be implemented from 2023-2027 01 02 03 04 05 Greenfield Brownfield Mergers & New Big Ticket Expansion Expansion Acquisitions Energy Projects INVESTOR PRESENT
Slide 33: Business Profile
Business Profile INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 34: Gas Division Profile
Profile Gas Division INVESTOR PRESENTATION: Q3 & 9MFY2024 34
Slide 35: Consumption of LPG in India
Consumption of LPG in India 35,000 31,000 30,000 25,000 20,000 ‘000 MT 15,000 10,000 5,000 0 2000– 2022– 2001 2023 Source: PPAC/IOC and Management Estimates INVESTOR PRESENTATION: Q3 & 9MFY2024 35
Slide 36: Production & Imports of LPG in India
Production & Imports of LPG in India 20,000 18,500 18,000 16,000 14,000 12,800 12,000 10,000 ‘000 MT 8,000 6,000 4,000 2,000 0 2000– 2022– 2001 2023 Production Import s Source: PPAC/IOC and Management Estimates INVESTOR PRESENTATION: Q3 & 9MFY2024 36
Slide 37: Need for Terminal Capacity
Need for Terminal Capacity Domestic Supply Base Case Demand High Growth Scenario 60 50 Million Metric Tons 40 31 30 Imports: Imports: 25 38 Imports: 20 18.5 (est) 10 12.8 0 11 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 17 - - - - - - - - - - - - - - - - - - - - - - - - - 10
Slide 38: Pipavav & Kandla Connected to Kandla-Gorakhpur
Pipavav & Kandla Connected to Kandla-Gorakhpur IHB consortium building Kandla-Gorakhpur LPG Pipeline 2,800 km long 8.25 million tons capacity Pipavav allocation is 1.5 million tons Phase 1 commission in H2 of 2024 Pump house and manifold located inside Pipavav terminal INVESTOR PRESENTATION: Q3 & 9M
Slide 39: LPG Terminalling Capacity
LPG Terminalling Capacity Static Throughput 140 12,000 120 115 10,000 9,600 100 8,000 80 ‘000 MT ‘000 MT 6,000 60 4,000 40 2,000 20 0 0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 *Normalized EBITDA: before Forex, hedging-related expenses INVESTOR PRESENTATION: Q3 & 9MFY202
Slide 40: LPG Throughput Capacity by Port
LPG Throughput Capacity by Port 1,500 Mumbai 4,000 1,600 Pipavav Haldia Kandla 2,500 ‘000 MT INVESTOR PRESENTATION: Q3 & 9MFY2024 40
Slide 41: LPG Distribution System
LPG Distribution System We have a national network of LPG terminals and cylinder filling plants serving these segments. Autogas Commercial Domestic Industrial 142 stations over 10 states Expansion into a national Tier 1, 2 & 3 urban cities with Serving industrial clusters with dispensing autogas, pe
Slide 42: Liquids Division Profile
Profile Liquids Division INVESTOR PRESENTATION: Q3 & 9MFY2024 42
Slide 43: Growing Liquids Footprint
Growing Liquids Footprint 1. New capacity expansion at Haldia commissioned 2. New 110,000 KL liquids terminal expansion at JNPT (expected commissioning mid-2024) 3. Additional Liquids capacity at Mangalore, Kochi, and JNPT under construction 4. M&A opportunities INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 44: Terminal Capabilities & Capacities
Terminal Capabilities & Capacities Provides import, export, storage, and logistics services, handling Class A, B, and C products, chemicals, POL products and vegetable oils 75 Mumbai 273 Tanks includes MS, SS, Epoxy Coated, IFR Kochi 71 Haldia Heated and cooled tanks 174 Pipavav 890 Kandla 120 Conne
Slide 45: Key Financial Data
Key Financial Data INVESTOR PRESENTATION: Q3 & 9MFY2024
Slide 46: Historical Consolidated Profit Statement
Historical Consolidated Profit Statement Rs. in Cr. FY23 FY22 YoY% Revenue 8,627 4,631 86% Cost of Sales 7,581 3,882 Others 242 163 Normalised EBITDA (Segment)* 804 586 37% Finance, Hedging & Forex-related Expenses (Net) 45 -3 Depreciation 124 78 Unallocated Expenses -9 39 Profit Before Tax 645 472
Slide 47: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Assets (Rs. In Cr.) FY23 FY22 Equities & Liabilities (Rs. In Cr.) FY23 FY22 Non-Current Assets Equity Property, Plant and Equipment Equity Share Capital 35 35 3,645 2,374 Other Equity 3,497 2,145 Capital Work in Progress 412 253 Equity Attributable to Owners 3,5
Slide 48: Historical Cash Flow
Historical Cash Flow Rs. In Cr. FY23 FY22 Profit Before Tax 645 472 Operating Profit Before Working Capital Changes 682 545 Net Cash Inflow from Operating Activities (A) 358 263 Net Cash Inflow/(Outflow) from Investing Activities (B) -931 -162 Net Cash Outflow from Financing Activities (C) 1,311 -30
Slide 49: Dividend Growth
Dividend Growth 7.00 6.00 5.75 5.00 Rs. per Share 4.00 3.00 2.00 1.00 0.00 FY19 FY20 FY21 FY22 FY23 INVESTOR PRESENTATION: Q3 & 9MFY2024 49
Slide 50: Thank You
Thank You Aegis Logistics Limited Orient Capital Orient Capital CIN: L63090GJ1956PLC001032 Ms. Payal Dave Mr. Irfan Raeen Mr. Murad Moledina, CFO +91 9819916314 +91 9773778669 murad@aegisindia.com Payal.Dave@linkintime.co.in irfan.raeen@linkintime.co.in INVESTOR PRESENTATION: Q3 & 9MFY2024 50